Hangzhou Huaxing Chuangye Communication Technology Co., Ltd. (SZSE:300025) announced a private placement of not more than 107,132,640 A shares at a price of CNY 4.59 per share for gross proceeds not more than CNY 491,738,818 on November 9, 2020. The transaction will include participation from Ruian Chuangxiang Network Technology Co., Ltd. The number of shares issued in the transaction does not exceed 25% of the total share capital before this issuance. The issue price is not less than 80% of the average price of the company’s stock on the 20 trading days prior to the pricing base date. The shares issued in the transaction is subject to hold period of 36 months from the date of the completion of the issuance. The transaction has been approved by the board of director's of the company in it's second meeting of it's sixth board of directors. The transaction still need approval from shareholder's of the company in its shareholders meeting, the Shenzhen Stock Exchange, and China Securities Regulatory Commission for registration approval. On March 24, 2021, the company announced that the Shenzhen Stock Exchange has accepted applications for the issuance of stocks to specific objects in the transaction.